ADB boosts support for Bangladesh’s private sector
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Thursday
July 07, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
THURSDAY, JULY 07, 2022
ADB boosts support for Bangladesh’s private sector

Economy

TBS Report
02 June, 2020, 11:45 am
Last modified: 02 June, 2020, 10:49 pm

Related News

  • Bangladesh gets $143m from ADB to improve cross-border trade
  • ADB provides $250M to boost social protection in Bangladesh
  • Not enough focus on private sector investments for job creation
  • ADB approves $250 million for Bangladesh Social Resilience Program
  • UK reaffirms commitment to support Bangladesh’s private sector growth

ADB boosts support for Bangladesh’s private sector

As trade transactions typically start and end within 180 days, the $755 million can bankroll and support over $1 billion in Bangladesh trade year-over-year

TBS Report
02 June, 2020, 11:45 am
Last modified: 02 June, 2020, 10:49 pm
ADB boosts support for Bangladesh’s private sector

The Asian Development Bank (ADB) has expanded the Trade Finance Programme (TFP) to support the private sector in Bangladesh by raising its financing limit to $755 million from $518 million at the end of last year.

The TFP works with 12 partner banks in Bangladesh to mobilise private sector capital and fill market gaps by providing guarantees and loans to support trade, according to an ADB press release.

Country Director Manmohan Parkash said, "Given the impact of Covid-19 on the economy – particularly availability of credit for the private sector in Bangladesh – enhancement of the TFP will increase liquidity, help boost businesses, raise exports and imports, increase jobs, plus contribute to economic growth and development."

Noting Bangladesh is one of the most active TFP countries, he said, "The programme has so far supported $814.6 million in trade, with 70.7 percent co-financing by the private sector and over 1,367 transactions, as of 31 December 2019."

As trade transactions typically start and end within 180 days, the $755 million can bankroll and support over $1 billion in Bangladesh trade year-over-year. 

A substantial portion of TFP's portfolio supports small and medium-sized enterprises (SMEs) and the expanded coverage of the very active programme will result in enhanced inclusive support to traders, including women, in Bangladesh, Parkash added.

The TFP works with over 240 banks in 21 countries to provide companies with the financial support they need to engage in import and export activities in Asia's most challenging markets.

In 2019, the TFP supported 4,832 transactions worth a total of $5.4 billion, including $3.5 billion in co-financing, and helped 4,069 small and medium-sized enterprises.

Backed by the ADB's AAA credit rating, the TFP supports trade, enabling more companies throughout Asia and the Pacific to engage in import and export activities.

Since 2009, ADB's TFP has supported around 20,000 SMEs across developing Asia – through over 26,000 transactions valued at over $41 billion – in sectors ranging from commodities and capital goods to medical supplies and consumer goods.

ADB, Jica to strengthen collaboration to help Asia in fight against Covid-19

The ADB and Japan International Cooperation Agency (Jica) will strengthen collaboration to assist ADB's developing member countries (DMCs) in their response to the Covid-19 pandemic.

ADB President Masatsugu Asakawa and Jica President Shinichi Kitaoka reaffirmed their commitment on Tuesday.

On their call, the two presidents discussed the economic and social status of Asian and Pacific economies in the wake of the pandemic and their organisations' respective assistance packages.

Masatsugu Asakawa said the ADB and Jica have a long history of collaboration and partnership in several key areas – including supporting DMCs – to accelerate progress toward achieving universal health coverage and co-financing on quality infrastructure.

"Covid-19 poses serious health, social, and economic threats to the region. It is important that we find ways to enhance our collaboration, including co-financing, to help developing member countries address the pandemic," he added.

The ADB announced a $20 billion assistance package on 13 April to address the needs of its DMCs as they respond to the Covid-19 pandemic.

The package includes $13 billion for quick and affordable budget support to help DMCs counter the severe macroeconomic impacts arising from the pandemic with countercyclical expenditure with the focus on the poor and the vulnerable.

Some $2.5 billion of the package is available as concessional and grant resources and about $2 billion is earmarked for loans and guarantees to the private sector to rejuvenate trade and supply chains.

The ADB will expand its technical assistance to DMCs in designing, improving, implementing, and monitoring health and other sector actions against Covid-19.

Jica is preparing a Covid-19 crisis response emergency support loan programme to strengthen countries' capacity to respond to Covid-19 and revitalise economic activities in those hit hard by the pandemic.

Its assistance will be provided as standalone loans or co-financing with multilateral development banks, including the ADB.

Top News

Asian Development Bank / ADB / Trade Fiance Programme / Private Sector

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • BPC looks for $2b as fuel stock depletes fast
    BPC looks for $2b as fuel stock depletes fast
  • International Monetary Fund chief Kristalina Georgieva meets Democratic Republic of Congo President Felix Tshisekedi in Kinshasa, Democratic Republic of Congo, December 8, 2021. REUTERS/ Hereward Holland
    IMF chief says 'cannot rule out' possible global recession
  • Representational image. Photo: Collected
    India now restricts exports of flour, other derivatives

MOST VIEWED

  • Infographic: TBS
    Dhaka ranks as costliest city again in South Asia for expatriates: Survey
  • Dollar crosses Tk100 mark
    Dollar crosses Tk100 mark
  • A model of the cruise ship to be launched by the Bangladesh Inland Water Transport Corporation for the first time in the country. The cruise liners, which will run in coastal belts and on the Chattogram-Kolkata route, are expected to boost coastal and regional tourism. PHOTO: COURTESY
    BIWTC to launch 3 cruise ships to boost coastal, regional tourism
  • New monetary policy with higher policy rate comes Thursday
    New monetary policy with higher policy rate comes Thursday
  • Qcoom resumes operation
    Qcoom resumes operation
  • Export earnings hit record high $52.08B in FY22
    Export earnings hit record high $52.08B in FY22

Related News

  • Bangladesh gets $143m from ADB to improve cross-border trade
  • ADB provides $250M to boost social protection in Bangladesh
  • Not enough focus on private sector investments for job creation
  • ADB approves $250 million for Bangladesh Social Resilience Program
  • UK reaffirms commitment to support Bangladesh’s private sector growth

Features

Farsim is keen on listening to what his clients really want; in this profession attention is key. Photo: Noor-A-Alam

Making it as an audio engineer

1h | Pursuit
Illustration: TBS

Applystart: Helping students navigate the maze of foreign university applications

2h | Pursuit
The sea beach in Kuakata. Photo: Syed Mehedy Hasan

Five places in Southern Bangladesh you could visit via Padma Bridge

1d | Explorer
Genex Infosys Limited is the country's largest call centre with more than 2,000 seats and full-set equipment. Photo: Courtesy

How domestic demand made Genex Infosys a BPO industry leader

1d | Panorama

More Videos from TBS

Load shedding is back

Load shedding is back

2h | Videos
Photo: TBS

Has Russia gained anything in its invasion of Ukraine?

3h | Videos
Behind the story of 'Aske Amar Mon Bhalo Nei'

Behind the story of 'Aske Amar Mon Bhalo Nei'

15h | Videos
Is Donbas Putin’s next target?

Is Donbas Putin’s next target?

18h | Videos

Most Read

1
Photo: Collected
Africa

Uganda discovers gold deposits worth 12 trillion USD

2
TBS Illustration
Education

Universities may launch online classes again after Eid

3
Area-wise load shedding schedule will be announced: PM
Bangladesh

Area-wise load shedding schedule will be announced: PM

4
Padma Bridge opens up investment spree in south
Industry

Padma Bridge opens up investment spree in south

5
Build Dhaka East-West Elevated Expressway, relocate kitchen markets: PM
Bangladesh

Build Dhaka East-West Elevated Expressway, relocate kitchen markets: PM

6
File Photo: BSS
Energy

India pulls out of LoC funding for part of Rooppur power transmission work

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
A boat sails through the River Meghna carrying rice bran, a popular cattle feed, from a rice mill in Ashuganj to cattle markets. There are around 250 rice mills in Ashuganj that produce rice bran. The photo was taken recently. Photo: Rajib Dhar

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net